School of Commerce Studies, Jain (Deemed-to-be University) organized a panel discussion on Union Budget 2017-2018.
The aim of this discussion was to leverage the given platform to stimulate discussions on the Budget, as it has gained a special place in India’s economic history after the economic roller- coaster our nation has been through.
The panel discussion was set in motion by opening remarks by the moderator for the discussion Mr. Balaji Rao DG, CEO, Sapien Knowledge Ventures, also an Eminent Columnist and Author; who with very apt examples elucidated the expectation that citizens hold from budget. The discussion began with rating the budget and the “Why” of it.
Mr. Kiran, Partner, Mentes Capital; budget 2017 pulled of a “7” as the market sentiment is positive, the tax collections are high and also government finances look strong. However too little amount was allotted to Banking system against the ugly underbelly of non- performing assets the banks are suffering from.
Mr. S. Krishnaswamy, Chartered Accountant and Vidya Ratan Awardee; budget 2017-18 was a “7” but because of different reasons. His focus was rather on fiscal and revenue deficits, major concern being 500,000 CR debt being added every year.
Mr. Vinay Jain, Chartered Accountant, Associate Director, International Tax and Regulatory Services team at BSR & Co LLP; shared very interesting analogy for the budget. He felt that the budget 2017-18 was more like “Thali”; almost all the segments were covered but with too little of quantity. For him, the budget was a “6”, however he expressed contentment towards rural segment being given more importance this year.
Mr. Narayan Kimi, Principal Advisor, First Assetz; with his experience in real estate investment and wealth management expertly pointed out the opportunities that this budget has opened up for housing and infrastructure sector. According to him the budget was a “7”. Then the discussion gradually moved towards the TEC movement of India, i.e., Transform, Energize and Clean India.
The panelists with their valuable insights covered the areas pertaining to “Jan Dhan Yojna and the Janta”; “Status of Fiscal Deposits”; “New Bankruptcy law”; “Agriculture and Rural Development”; “Tax Evasion in the Nation”; “Railway Budget”; “Affordable Housing” and “Re-capitalization of Indian Banks”.
Later the panel discussion moved on to compare the expectations of different stakeholders and budgetary response to the same. The panelists threw light on the impact of the budget on Job Creation the nation is going to witness, being supported by the Make in India initiative.
The panelists collectively recognized the sincere intention and efforts of the Government to focus towards efficiency of the overall economy with an inclusive approach. Further, the panel also agreed on the extent of the positivity that demonetization has brought in by increased tax payment. Government’s revenue has increased and so there are possibilities of creating better infrastructure for agriculture and rural development that will further lead to much effective and efficient economy.
More or less all the panelists agreed on the budget being an effective one but still leaving lot of room for improvement.